Cryptocurrencies are in a very difficult territory where no fundamental or technical indicators is actually affecting the price than the sentiment of the community. Every news article or a social mention is actually driving the trend and direction of where the prices are heading. Although most of the sentiment is derived from the sentiment of the Bitcoin- the largest cryptocurrency, still some altcoins have their specific pros and cons that change their variance from that of Bitcoin. Let’s look at the few indicators that are used widely across to determine the sentiment.
Bitcoin Sentimental Analysis
As mentioned it’s the largest coin in the market that decides most of the trend for the crypto markets is necessary to understand that sentiment it garners among the community. A lot of news flow and sell off has dampened the short term sentiment but yes there are some long-term positives which make Bitcoin an interesting study. An analysis of its social mention and greed and fear index would give us a clear idea of what is happening
| Analysis Type | Tool | Analysis- Score | Sentiment |
| #BTC – Hashtag Analysis | Keyhole | Score: 92
Positives: 55.7 % Negative: 2.2% Neutral- 42.1% |
Neutral to Positive – Positives rising |
| #BTC- Social Media Mentions | Social Mention | Sentiment 3:1 in favor of positives
With 50 scores towards neutral and 16 in favor of Positives |
Neutral to Positive |
| Fear to Greed Index | Alternative.me | Score 58–Greed | Positive |
| Fear to Greed Index | CNN Money | Score 65-Greed | Positive |
Well, Bitcoin has reclaimed the USD 4000 mark with some positive sentiment which has been building in since last week. With no major hiccups reported or insight in the near future, the coin is expected to remain the positive territory only. All sentimental tools seem to be showing a positive curve with a bit of neutrality as many on the street believe that the coin me soon get into consolidation and may hover around the USD 4000 range in the coming week.
Altcoin Sentimental Analysis
Fear and Greed index is only available for BTC as not may altcoins have all components required to calculate it
| Altcoin | Keyhole # analysis | Social Mention | Sentiment |
| ETH- Ethereum | Score – 87
37.2% Positive 3.4% Negative 59.4%- Neutral |
10:0 towards Positives
Neutral 5 |
Positive to Neutral- Positive rising |
| XRP- Ripple | Score 85
23.7% Positive 5.6% Negative 70.7% neutral |
11:1 towards Positives
Neutral 103 |
Positive to Neutral, Positives rising |
| BCH- Bitcoin Cash | Score 82
33.0 % Positive 5.6% Negative 61.4% Neutral |
11:1 towards positives
Neutral 102 |
Positive to Neutral-
Positives rising |
| EOS | Score 85
26.2% Positive 1.9% Negative 71.9%- Neutral |
0:1 towards positives
Neutral 11 |
Neutral with a negative bias |
| XLM-Stellar | Score 90
47.4% Positive 1.9% Negative 50.7% Neutral |
11:1 towards positives
Neutral 148 |
Positive to Neutral-
Positives rising |
All Altcoins seem to be following the path of Bitcoin, as most of them have stuck to the green territory. Ethereum seems to be moving further upward with positivity building in. So seems to be the case with BCH and XLM. There has been a lot of buzz around XRP which make bring the prices up for the coin while there has been no reaction on EOS.
Will this sentiment actually pull back the prices? Do let us know your views on the same.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.
